KONGSBERG (OSE: KOG) says it has delivered strong revenue growth with an increase of 28 per cent compared to Q1 2024. The results in Q1 confirm our strong position and the order backlog increased to NOK 134 billion. The profitability shows that KONGSBERG is well positioned in a rapidly changing world.
Well-positioned across vessel segments
Kongsberg Maritime had a solid order intake and book/bill of 1.3. The business area increased its revenues from both the newbuilding and aftermarket compared with Q1 last year.
Revenues in the first quarter were MNOK 14 622 compared to MNOK 11 450 in the same quarter last year, an increase of 28 per cent (19 per cent adjusted for accounting gain from the sale of the steering gear and rudder business). All business areas increased revenues compared to Q1 2024.
“We have concluded a successful quarter marked by high activity and solid order intake. All business areas reported an increase in operating revenues compared to Q1 2024. This growth was primarily driven by missiles and air defence systems in the defence segment, solutions for newbuilding and aftermarket services in the maritime sector, and the delivery of subsea technology,” says Geir Håøy, President and CEO of KONGSBERG.
Order intake in Q1 was MNOK 20 739, compared to MNOK 12 746 in the same quarter last year. This represent a book/bill for the quarter of 1,42. EBIT in Q1 was MNOK 2 892, corresponding to an EBIT margin of 19,8 per cent compared to MNOK 1 463 (12,8 per cent) in the same quarter last year. EBIT in the quarter included a gain of NOK 1 048 related to the sale of the steering gear and rudder business. The EBIT margin in the quarter adjusted for this gain was 13.6 percent. Favourable project mix, volume effects and efficient project execution were the main reasons for the positive margin development in the quarter.
Revenues were MNOK 6 743 in Q1, an increase of 25 per cent compared to the same quarter last year. All divisions increased their revenues, and there was high activity in deliveries to both existing fleet and new vessels. The increase in deliveries to new vessels in the quarter was among others driven by deliveries to LNG transport vessels. There was a good order intake from both the newbuilding and aftermarket markets. Kongsberg Maritime is well positioned within various market segments, and sales of solutions for offshore vessels and LNG transport vessels were important contributors to order intake in the quarter.
In Q1, Kongsberg Digital's maritime portfolio was transferred into Kongsberg Maritime. By combining the digital capabilities from Kongsberg Maritime and Kongsberg Digital with Kongsberg Maritime's broad product portfolio, a new step is taken to optimise vessel operations and reduce costs through more energy-efficient solutions for the maritime sector.
High activity related to autonomous underwater vehicles
Kongsberg Discovery delivered MNOK 1 357 in revenues in Q1, an increase of 29 per cent compared to the same quarter last year.
Order intake in Q1 was MNOK 1 464, corresponding to a book-to-bill of 1,08, compared to MNOK 1 157 in Q1 2024. The business area experienced high demand for its products and solutions, securing contracts for the delivery of six new HUGIN autonomous underwater vehicles.
KONGSBERG announced in January 2025 the acquisition of the technology company Naxys Technologies AS. The company is specialized in recognizing the sound of oil and gas leaks via passive acoustics. With this, Kongsberg Discovery strengthens its technology platform and is well-positioned to meet the increasing demand in both sustainability and security.